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Fundamentals Of Financial Planning 3rd Edition Michael A Dalton, Joseph Gillice - Solutions
Identify the key elements to a letter of intent.
Identify and explain the three types of special needs trusts.
Explain the benefits for special needs trusts.
It is important that the special needs person have less than $100,000 to ensure that they retain their eligibility for governmental programs.a. Trueb. False
The only relevant issues that a financial planner should be aware of for a special needs situation are the financial issues.a. Trueb. False
An estimated 2.8 million families are raising at least one child aged 5 to 17 with a disability in the US.a. Trueb. False
The seven common client profiles iden- tified are helpful to understand the gen- eral population but do not address special needs situations.a. Trueb. False
Understand the key steps and tasks that a caretaker should perform regarding a special needs person.
List the types of issues that related to a special needs situation.
Identify the statistics regarding the fre- quency and types of special needs situa- tions.
Identify the common client profiles and their typical financial risks and goals?
The CFP publishes a review of miscon- duct cases processed by the CFP Board and the Commission.a. Trueb. False
When the Commission finds grounds for discipline, the following forms of discipline available include private cen- sure, public letter of admonition, sus- pension, revocation, and discipline concerning candidates.a. Trueb. False
Define anonymous case histories and determine the purpose of publishing them.
Identify the "always bar list" and the "presumption list."
Determine the purpose of the Candi- date Fitness Standards.
Facilitating the goal-setting process and clarifying the client's goals and objec- tives is part of the Practice Standards 200 Series: Gathering Client Data.a. Trueb. False
In accordance with Practice Standard 200 Series, the financial planner and cli- ent mutually define the scope of engage- ment.a. Trueb. False
The Practice Standards are designed to be a basis for legal liability to any third party and establishes the level of profes- sional practice expected of certificants engaged in financial planning.a. Trueb. False
Identify the six series of the Practice Standards.
Identify the description of the Practice Standards.
The duty of care of a fiduciary involves acting in a manner that is in the best interest of the client.a. Trueb. False
Rule 1.4 of the Rules of Conduct pro- vides that a certificant has the duty of care of a fiduciary as defined by the CFP Board when providing financial plan- ning or "material elements" of financing planning.a. Trueb. False
The Rules of Conduct are organized into seven different principles of ethics and professional ideals that certificants and registrants are expected to enact into their professional activities.a. Trueb. False
Determine the CFP Board definition of a fiduciary.
Identify the six different categories of the Rules of Conduct.
The Code of Ethics includes tenets of fairness and professionalism which financial professionals should aspire or, are examples of how certificants and registrants should act.a. Trueb. False
The Standards of Professional Conduct include the Code of Ethics, Rules of Conduct, Practice Standards, Disciplin- ary Rules, and the Candidate Fitness Standards.a. Trueb. False
Recommend strategies that can be implemented to help ensure the appropriate management and transfer of assets to a same-sex, nontraditional and/or non-married partners.
Identify the impact of divorce and/or remarriage on an estate plan including asset titling and distribution, changes in beneficiary status, and selection of heirs.
Evaluate the need for and recommend financial management strategies for clients with special challenges. Examples of these groups include: single head-of-household families, non-traditional families, pre- and post-divorce planning, pre- and postmortem planning, remarriage, elderly clients, disabled
List and discuss the financial planning recommendations for a windfall recipient.
Discuss the issues related to financial planning for a financial windfall.
Identify the factors that weigh on financial planning decisions with regard to job loss or job change.
Discuss the issue of job loss or job change with regard to financial planning.
Describe each of the ways that property owned by a decedent passes to heirs or legatees.
Identify the major issues in planning for the death of a partner in a nontraditional household.
Describe civil unions and registered partners.
Discuss the issue of financial planning for the nontraditional household.
List the financial planning recommendations for terminal illness planning.
List the financial planning issues that arise in planning for terminal illness.
List the common mistakes with regard to financial planning that divorcing spouses make.
Discuss the need for gathering information that is complete and reliable prior to entering into any divorce agreement.
Describe the need for financial planning necessary for divorcing couples.
List and describe the content of a letter of intent.
Describe a pooled trust created under 42 U.S.C. Section 1396p(d)(4)(C).
Describe a special-needs trust under 42 U.S.C. Section 1396p (d)(4)(A).
Describe a third-party special needs trust (SNT).
Describe special-needs trusts and their elements and the benefits that they can provide.
Describe the steps that a caretaker should take in planning for a special needs dependent.
List some examples of not for profit organizations that are funded by states for the support of special needs dependents.
List and explain other public benefits that are or may be provided by state and local governments.
Describe the typical governmental benefits for special-needs dependents including the special education programs and Social Security benefits.
Understand some of the emotional and all of the financial issues associated with a special needs dependent.
Identify at least six situations that call for special financial planning needs.
What do you have to disclose to your financial planning client at the first meeting?• Your areas of expertise.• Your compensation.• Your involvement in community activities.• 10 years of employment history.
What is the client’s responsibility during the financial planning process?• To interpret all the information that is gathered.• To provide the professional with all requested information.• To pay their fees.• To implement the financial plan.
Sara is a CFP® professional with her own financial planning practice. Barry was referred to Sara, as Barry was looking to purchase a disability insurance policy. Sara gathers data from Barry to complete an application to submit to the insurance underwriter. Sara also explains, in detail, the tax
Sydney is a CFP® professional and recently met with a prospective client, Karen.Karen is the owner of a chain of retail hardware stores throughout the southeast. Karen was referred to Sydney through a mutual friend. Karen is considering rolling out a new 401(k) plan to her employees and has asked
Owen, a CFP® professional, works for a brokerage firm that requires any investment products or loans offered to a client must be proprietary products of the brokerage firm.One of Owen’s clients, “Dominic” that he has been providing financial planning services to for the past 10 years asked
What must be included, in writing, in any engagement letter that involves financial planning?a. Conflicts of interest.b. Privacy policy.c. References.d. Compensation amounts.
William, a CFP® professional, has been working with his new client Cole. He has completed all required disclosures and provided all written documents required for a financial planning engagement. Cole is 42, divorced, and has one child. William discussed Cole’s insurance coverage following a
A number of years ago Ron was divorced and subsequently had severe financial issues.‘Two years ago, he filed for bankruptcy. After getting back on his feet financially, he decided to become a CFP® professional. Today, he made his application to CFP Board for certification. Which of the following
John is a client and seems to be suffering from dementia. and wants to remove his children from his will and give all of his wealth to Marie, a neighbor who periodically visits John and delivers him groceries. What should the CFP® professional do?a. He should contact John’s children to let them
Bob, a CFP® professional, performed a needs analysis concerning Jack’s life insurance situation last year and sold him a universal life policy under a limited scope engagement. This year, Jack wants Bob to evaluate his retirement allocation and recommend some investments. All of the following
Bob is a CFP® professional. He recently met with a new client, Jack, that requests a needs analysis concerning Jack’s life insurance situation. Jack is 42 years old, married, and has 2 children he plan to send to college. He wants Bob to evaluate how much and what type of insurance he should
Rose is employed as a loan officer at a bank. Rose recently sat down and visited with her financial planner Julie, a CFP® professional. Rose was in need of cash and borrowed$15,000 from Julie. Based on Rule 3.7 of the CFP® Rules of Conduct (A certificant shall not lend money to a client.), which
Jill is a prospective client, recently approached Mike, a CFP® professional with significant estate planning needs. Mike does not feel like he can adequately fulfill all of Jill’s needs so he refers Jill to a colleague who specializes in estate planning. According to the CFP Code of Ethics, what
According to Practice Standard 200-1 Determining a Client’s Personal and Financial Goals, Needs and Priorities, which of the following are necessary inputs to determine a client’s goals?1.. Client’s attitude.2.. Client’s values.3.. Client’s current income.4.. Client’s expectations.a.
Bob, a CFP® professional, has developed a comprehensive financial plan for his client, Sue. Based on the CEP Board Practice Standards which of the following should Bob do next?a. Review the plan with Sue’s CPA.b. Implement the financial plan with Sue.c. Present the financial plan to Sue.d.
Which of the following is not specifically addressed in the CFP Board's Standards of Professional Conduct?a. Conflicts of interest.b. Care of a Fiduciary.c. Implementing and monitoring a financial plan designed for a client.d. Comparing rates of return for exchange traded funds.
Which of the following definitions best defines a fiduciary under the CFP Board’s Standards of Professional Conduct?a. One who acts in utmost good faith, in a manner he or she reasonably believes to be in the best interest of the client.b. One who acts in the best interests of the certified
Which of the following is not a form of discipline under the Disciplinary Rules?a. Private censure.b. Public letter of admonition.c. Suspension.d. A monetary fine.
The Commission may make one of the following decisions regarding a petition for reconsideration by a candidate for certification:a. Grant the petition after determining the conduct does not reflect adversely on the individual’s fitness as a candidate for CFP certification, or adversely upon the
Under the Candidate Fitness Standards, the following conduct is unacceptable and will always bar an individual from becoming certified:1.. Two or more personal or business bankruptcies.2.. Felony conviction for any degree of murder or rape.3.. Felony conviction for any other violent crime within
Which of the following is true with respect to forms of discipline?1.. If the Disciplinary and Ethics Commission orders revocation of a certificant’s or registrant's right to use the marks, the revocation is permanent until after a period after five years, at which time a request for
Which of the following does NOT apply to Practice Standard 500-2, which provides that the financial planning practitioner shall select appropriate products and services that are consistent with the client’s ?a. Goals.b. Desires.c. Needs.d. Priorities.
Which of the following are true with respect to the Practice Standards?1.. Each Practice Standard is a statement regarding one of the steps in the financial planning process or investments planning process.2.. Includes monitoring responsibilities after a financial plan is implemented.3.. The scope
The CFP Board’s Practice Standards are intended to:a. Assure that the practice of financial planning by CFP certificants and registrants are based on established norms of practice.b. Enhance the value of the financial planning process.c. Advance professionalism and financial planning.d. All of
Under the CFP Board’s Rules of Conduct, which of the following are a category of rules within the CFP Board’s Rules of Conduct?a. Obligations to prospective clients and clients.b. Obligations to employers.c. Obligations to the profession.d. All of the above.e. None of the above.
Which of the following is not a principle in the Code of Ethics?a. Frugality.b. Integrity.c. Competence.d. Fairness.4, Which of the following best describes the intent behind the principles of the CFP Board’s Code of Ethics?a. To avoid getting sued by clients.b. To make more money as a financial
Which of the following is not part of the CFP Board’s Standards of Professional Conduct?a. Code of Ethics.b. Risk Management.c. Rules of Conduct.d. Candidate Fitness Standards.
The CFP Board is a certification and standard-setting organization that:a. Establishes and enforces education requirements for CFP certificants.b. Establishes and enforces examination requirements for CFP certificants.c. Establishes and enforces ethics requirements for CFP certificants.d. All of
Discuss the purpose of the publication of anonymous case histories.
Define the Candidate Fitness Standards and the “always bar list.”
Define the five forms of discipline by the Commission.
Discuss the hearing process and forms of discipline under the Disciplinary Rules and Procedures.
Discuss the investigative process under the Disciplinary Rules and Procedures.
Discuss what are the Disciplinary Rules and Procedures.
Define the Financial Planning Practice Standards and the various series that form the standards. -
Discuss the Rules of Conduct and the six categories within the rules.
What is the Code of Ethics and Professional Responsibility (Code of Ethics)?
What areas of ethics are included in the Standards of Professional Conduct?
Discuss the difference between a CFP® certificant and registrant.
What is the function of the Certified Financial Board of Standards, Inc. (CFP Board)?
Determine the purpose of the Code of Ethics and the seven principles included in the Code of Ethics.
Identify the five different categories included in the Standards of Profes- sional Conduct.
Identify the purpose of OSHA.
What are unemployment benefits and what are conditions associated with receiving benefits?
Identify the benefits available under Workers' Compensation.
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